Nonprofit Blog

Welcome to the Nonprofit Blog hosted by the professionals at Armanino, CPAs & Consultants. This blog is set up to inform nonprofit organizations of trends, rule changes, best practices and free educational offerings that we have built to support nonprofit organizations. Our professionals bring you their insights from an accounting and organization perspective to help nonprofits reach their goals. We support our clients with advice, direction and best practices.

Tuesday, September 13, 2011

Proposed Change to Limit Individual Charitable Deductions

Posted by Armanino Nonprofit Team

President Obama submitted his American Jobs Act to Congress this week. One of the main tax items proposed is to limit the itemized deduction, which includes charitable deductions, to 28% of a taxpayers’ taxable income. This would apply to joint filers with adjusted gross income over $250,000 and single filers with adjusted gross income over $200,000. This is expected to be one of the largest revenue generators worth about $250-300BB over 10 years. If you want to find out if your individual charitable contribution could be limited, please consult your personal tax advisor. How do you think this will impact your nonprofit organization?

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